15th Finance Commission to meet advisory council on May 17

Sources said the council might be asked to do research and study on terms of reference

The 15th Finance Commission (FFC) will hold a meeting on next Thursday and it will be attended by members of the newly constituted advisory council on the contentious terms of reference (ToRs).

Under pressure from states not ruled by the BJP to withdraw or amend some vexed ToRs, the FFC on Wednesday announced the setting up of the council. 

Its members include Arvind Virmani, former chief economic advisor; Surjit Bhalla, part-time member of the Economic Advisory Council to the Prime Minister; J P Morgan Chief India Economist Sajjid Chinoy; and Credit Suisse India Economist Neelkanth Mishra.

Sources said the council might be asked